The average credit score in Canada nationwide is 672. With a “good” credit score, you have a good chance of qualifying for a loan or credit facility, however, you may not be offered the lowest interest rate.
Data protection continues to be a central focus for small-business owners. This is imperative for business security, protecting trade secrets, and of course the data of employees and customers.
At this point in time, you can view open banking as a generic naming convention being used in the industry to describe the latest technology experience for transacting data with your bank partners.
Open banking has the power to transform the financial wellbeing of millions of people. In the context of inflation, unprecedented energy prices and tax hikes, responsible lending has never been more important.
Consumers increasingly accept new forms of payment, embracing both contactless and mobile solutions that are faster and more convenient. According to a report by McKinsey, the penetration of digital payments reached 78% in 2020 alone.
Open banking is continuing to gain steam in 2022, which will put financial institutions on a trajectory that could transform the relationships merchants have with their banks. Not only will this innovation spur new, highly relevant digital services, open banking can benefit merchants by eliminating chargebacks.